Avesoro Resources Inc. Loan Agreement (5804W)
12 Décembre 2019 - 8:00AM
UK Regulatory
TIDMASO
RNS Number : 5804W
Avesoro Resources Inc.
12 December 2019
December 12, 2019
Avesoro Resources Inc.
TSX: ASO
AIM: ASO
Loan Agreement
Avesoro Resources Inc (the "Company" or "Avesoro") announces
that it has entered into a loan agreement in connection with an
additional working capital facility (the "New Facility") of up to
US$8,500,000 with Avesoro Jersey Limited ("AJL") to assist with
satisfying the Company's near term cashflow needs.
Loan Agreement
The Company intends to draw down the entire amount available
under the New Facility in the coming days, with the funds being
made available for general working capital purposes. The New
Facility is unsecured and is subordinated to the Company's existing
facilities. Interest will be charged on the drawn amount at a fixed
rate of 3.0 per cent per annum. The New Facility is due to be
repaid in full no later than 12 months following drawdown. There is
no early repayment penalty. Following drawdown of the New Facility,
the balance of working capital loans provided by AJL to the Company
is US$55,735,025.
Related Party Transaction (AIM Rule 13)
AJL owns and controls 79,861,477 common shares representing, on
a non-diluted basis, approximately 97.90% of the issued and
outstanding common shares of the Company. As a result, entering
into the New Facility constitutes a related party transactions
under the AIM Rules for Companies. The independent directors of the
Company, being Mr David Netherway, Mr Jean-Guy Martin and Mr Loudon
Owen consider, having consulted with the Company's Nominated
Adviser, that the terms of the New Facility are fair and reasonable
insofar as the Company's shareholders are concerned.
The entry into the New Facility is also a related party
transaction for the purposes of Multilateral Instrument 61-101 -
Protection of Minority Shareholders in Special Transactions ("MI
61-101") in Canada. The Company is relying on the exemption
available under section 5.7(f) of MI 61-101 from the minority
shareholder approval requirements. The New Facility is not a type
of related party transaction that is subject to the formal
valuation requirement under MI 61-101.
Contact Information
Avesoro Resources Inc.
Geoff Eyre
Tel: +44(0) 20 3405 9160
Camarco finnCap
(IR / Financial PR) (Nominated Adviser and Broker)
Gordon Poole / Nick Hennis Christopher Raggett / Scott Mathieson
/ Camille Gochez
Tel: +44(0) 20 3757 4980 Tel: +44(0) 20 7220 0500
About Avesoro Resources Inc.
Avesoro Resources is a West Africa focused gold producer and
development company that operates two gold mines across West Africa
and is listed on the Toronto Stock Exchange ("TSX") and the AIM
market operated by the London Stock Exchange ("AIM"). The Company's
assets include the New Liberty Gold Mine in Liberia and the Youga
Gold Mine in Burkina Faso.
For more information, please visit www.avesoro.com
Market Abuse Regulation (MAR) Disclosure
Certain information communicated in this announcement was, prior
to its publication, inside information for the purposes of Article
7 of Regulation 596/2014.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
AGRUARBRKWAUAAA
(END) Dow Jones Newswires
December 12, 2019 02:00 ET (07:00 GMT)
Avesoro Resources (LSE:ASO)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024
Avesoro Resources (LSE:ASO)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024